Among the possible solutions being considered for balancing a far out of balance federal budget is the elimination or reduction of the mortgage interest deduction. A federal panel that was established by the President will deliver recommendations for spending cuts and tax increases to the White House on December 1, and reports are that the mortgage interest deduction is one of the key targets of the panel.
Millions of Americans deduct the interest they pay on their mortgages as one of their most significant tax reduction strategies. The deduction is as old as the income tax itself – both were adopted in 1913.
KOLR / KSFX News covered the recommendation to eliminate or reduce the mortgage interest deduction on its November 11, 2010 newscasts. Reporter Kate Stacy interviewed Home Builders Association of Greater Springfield CEO Matt Morrow and Builders Stan and Regina Gutshall, of Hawthorne Creek Homes, for the story.
For best viewing results, watch the video directly on the KOLR / KSFX website by clicking here. Or a lower quality video is available directly below: